Thursday, November 29, 2007

Crisp and Cole Update

From the Bakersfield Californian:

Carl Cole, former managing broker of now-defunct Crisp & Cole Real Estate, counted his first two foreclosures Thursday, trustee's deeds recorded with the county show.

They are so far the only foreclosures in the Cole family, but just a pair among more than 100 defaulted and foreclosed properties associated with the former company's employees, family members and associates, according to an ongoing Californian tally.

Cole borrowed more than $1 million total against the two homes in January 2006, property records show, while banks repossessed them last week for a total $722,325.

Only first loans are typically counted in the default and foreclosure process. Second loans, which both properties held, are often eaten by lenders.

The foreclosed properties are at 5208 Glacier Canyon Court in the southwest and 12212 Great Country Drive in the northwest.

As of Thursday, 102 troubled properties with more than $62.3 million in total loans can be pegged to former Crisp & Cole associates, according to The Californian's ongoing tally.

Of those, at least 57 have so far foreclosed.

On Monday, the Seven Oaks mansion of Cole's former partner, David Crisp, is scheduled for the auction block.

It will be the third time the 10509 New Quay Court home could foreclose. Two previous auctions were postponed.


Ichabod said...

What would you do?

Imagine it: Ultra professional first class photography, websites, advertising, and bar none the best home selling TV show. Brushing up against Armani suits every day in the office. Perfect smiles, young aspiring millionaire$.
Top producing agent? Here's a bonus suit. Two months in a row? Bonus Rolex.
"Take the company car." Which one? The Mercedes, or one of the many Range Rovers?
Business improvement trip- board the company jet, fly to Las Vegas, and as you get off the plane, "oh, here's $5,000 each, go have fun."
I wonder if Ty, Lindsay and the other naysayers fooled themselves, or they truly believed all along how wonderful David Crisp was.

bako559 said...

the mark of a good con man is the confidence part

bako559 said...

glaicer canyon was davids moms house i wonder if shes on the streets now?

Perfect Storm said...

I can hardly wait for the Crisp and Cole update where they trade in theur Armani suits for orange jump suits and become Bubby's cell mate. I hope they both rot for what they have done.

Rob Dawg said...

Sadly, they flew so high and are crashing so hard BKfield will delude itself into thinking it was just these few bad apples to blame for all the coming troubles.

Ichabod said...

Even more pondering:

102 properties directly linked to Crisp and Cole Real Estate has entered foreclosure, and of those, 57 have already been foreclosed on!?!?! Imagine it... what a mark for a company!

Here's a little perspective: Typical 6% commission on a deal, let's average the sale price at half a mil (yes, there's some $300K homes, but there were also the million+ and even 2 million+!). 102 homes (so far) in default. Many of these deals were probably double ended (C & C represented both buyer and seller), but not all, so let's low ball it at say half. So, let's say 153 sides at 3% for $500,000 average home...

THAT IS $2,295,000 in COMMISSIONS for homes that are now DEFAULTED! That's not including what they increased the cost of the home for to get cash back! WOW!

How can you POSSIBLY sleep at night?

jetcity said...

Yes, and I'm sure they did get the whole 6%, all that double-ending/ in-house buying and selling. And are the Tys and Lindsays etc. continuing to work in the field today? How can you have confidence in hiring any of them as an agent, knowing their involvement in all that unethical business....not to mention how many of their own residences are going back to the bank as we speak. How can they continue to show their faces in the same field???